Provident Wealth Management LLC Has $122,000 Stock Position in Alphabet Inc. $GOOGL

Provident Wealth Management LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 46.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 694 shares of the information services provider’s stock after selling 605 shares during the quarter. Provident Wealth Management LLC’s holdings in Alphabet were worth $122,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Missouri Trust & Investment Co lifted its position in Alphabet by 0.3% in the 2nd quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock valued at $2,981,000 after acquiring an additional 55 shares in the last quarter. AM Investment Strategies LLC increased its holdings in Alphabet by 0.9% during the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock worth $1,141,000 after purchasing an additional 57 shares in the last quarter. Bfsg LLC raised its stake in shares of Alphabet by 0.6% in the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock valued at $1,838,000 after purchasing an additional 59 shares during the period. Enzi Wealth raised its stake in shares of Alphabet by 2.5% in the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock valued at $408,000 after purchasing an additional 62 shares during the period. Finally, Powers Advisory Group LLC lifted its holdings in shares of Alphabet by 1.8% in the second quarter. Powers Advisory Group LLC now owns 3,562 shares of the information services provider’s stock valued at $628,000 after purchasing an additional 62 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GOOGL shares. Wolfe Research increased their price objective on Alphabet from $220.00 to $290.00 in a report on Tuesday, September 30th. Wedbush raised their price target on shares of Alphabet from $225.00 to $245.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Citigroup boosted their price objective on shares of Alphabet from $225.00 to $280.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Cantor Fitzgerald restated a “neutral” rating and set a $201.00 target price on shares of Alphabet in a report on Wednesday, September 24th. Finally, Citizens Jmp lifted their price target on shares of Alphabet from $250.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $240.76.

Alphabet Stock Performance

Shares of GOOGL opened at $250.43 on Tuesday. The company has a market cap of $3.03 trillion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00. The firm has a 50-day moving average of $222.41 and a 200-day moving average of $186.72. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet’s payout ratio is currently 8.95%.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the transaction, the chief executive officer directly owned 2,527,392 shares of the company’s stock, valued at $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 276,738 shares of company stock worth $59,135,475. 11.64% of the stock is owned by company insiders.

Alphabet Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.